On 12 February, the Swiss Federal Council adopted restrictive measures introduced in December 2024 by way of the 15th EU sanctions package. These measures will come into force on 13 February 2025 (media release).
What is new?
On 23 December 2024, Switzerland added 54 individuals and 30 entities to its Russia sanctions list. To complement this step, the Swiss Federal Council has decided today to adopt further measures from the 15th EU sanctions package. In order to provide a better shield to Swiss companies risking financial damage, the Federal Council has prohibited the recognition and enforcement of rulings made by Russian courts on the basis of Article 248 of the Russian Federation Arbitration Code, whereby Russian courts may claim exclusive jurisdiction over disputes between Swiss and Russian companies.
The Federal Council has also decided to extend various exemption provisions, allowing Swiss companies to withdraw their investments from Russia.
What does it mean for your business?
UK companies operating in Switzerland should be aware that any new amendments to Swiss sanctions law are likely to result in operational changes. It means that the existing sanctions and compliance policies and systems will have to be reviewed. There is no doubt that navigating through different sanctions regimes is a complex time and resource consuming exercise for businesses.
Gherson lawyers specialise in providing expert advice and guidance to companies in respect of their sanctions policies and can assist you with matters related to sanctions compliance and prohibitions. Our experience of working with regulatory bodies in the UK, Switzerland and the EU, has enabled us to develop a detailed understanding of their respective requirements. It is worth keeping in mind that sanctions breaches invoke criminal liability, which may include hefty fines and imprisonment.
Updated: 12 February 2025
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